Schedule 1 - Eclectic Investment Trust plc
26 Octubre 2009 - 7:57AM
UK Regulatory
TIDMECIT
RNS Number : 3820B
AIM
26 October 2009
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| ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN |
| ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES") |
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| |
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| COMPANY NAME: |
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| ECLECTIC INVESTMENT COMPANY PLC |
| |
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| COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING |
| ADDRESS (INCLUDING POSTCODES) : |
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| SPRINGFIELD LODGE, COLCHESTER ROAD, CHELMSFORD, ESSEX CM2 5PW |
| |
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| COUNTRY OF INCORPORATION: |
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| ENGLAND AND WALES |
| |
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| COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE |
| 26: |
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| WWW.ECLECTICINVEST.COM |
| |
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| COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF |
| AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION |
| IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE |
| STATED: |
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| THE COMPANY IS AN INVESTING COMPANY AND ITS INVESTING POLICY IS SET OUT |
| BELOW: |
| The Company looks to identify and invest in investments where the |
| underlying value is not reflected in the market price. This perceived |
| undervaluation may arise from any number of factors including |
| technological, market motivation, prospective financial engineering |
| opportunities, competition or shareholder apathy. |
| The Company aims to maximise value for shareholders by holding a |
| relatively concentrated portfolio of securities and by investing in |
| instruments appropriate to respective investments. |
| The portfolio is focused on absolute performance. |
| The Company's investing policy is flexible and permits the investment |
| manager to make investments worldwide across all sectors and in a variety |
| of financial instruments. Thus the Company may invest in shares, bonds, |
| convertibles and other types of securities where suitable opportunities |
| arise. It may also invest in unlisted securities where the attractiveness |
| of the investment justifies the risks and lower liquidity associated with |
| such investments, subject to unlisted securities not exceeding in |
| aggregate 30 per cent. of the Company's gross assets. |
| The investing policy is not compelled to focus on any country, sector or |
| industry. The investment manager seeks to maintain and enhance |
| diversification within the portfolio by investing in a range of sectors, |
| markets and instruments as attractive opportunities arise. The allocation |
| of assets between sectors, markets and instruments will depend on market |
| conditions and the judgement of the investment manager and the board of |
| directors as to what is in the best interests of the Company and |
| shareholders and so the proportions of the portfolio invested in |
| individual situations, sectors or markets will be flexible. As such, not |
| more than 30 per cent. of the Company's gross assets shall be invested in |
| the securities of any one company or group at the time the investment is |
| made, however, this restriction will not apply in relation to the holding |
| of shares in Trust Company Limited. |
| The Company may use bank debt, derivative instruments such as contracts |
| for difference, financial futures, options and warrants to enhance its |
| investment performance. It may, from time to time, seek actively to |
| protect the portfolio and balance sheet from major corrections by the use |
| of foreign currency hedges, interest rate hedges, stock market put options |
| and similar instruments. Furthermore, the Company looks to invest in |
| instruments that provide additional protection such as convertible notes. |
| The Company has the ability to use bank debt to provide long term |
| structural gearing which will be restricted to 100 per cent. of its net |
| assets, however the Board may adopt a lower limit in line with the |
| prevailing level of market risk and the risk associated with each |
| investment on a case by case basis. |
| |
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| DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO |
| TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, |
| nominal value and issue price to which it seeks admission and the number |
| and type to be held as treasury shares): |
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| 17,719,502 ORDINARY SHARES OF 25 PENCE EACH |
| |
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| CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET |
| CAPITALISATION ON ADMISSION: |
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| N/A - TRANSFER FROM THE OFFICIAL LIST |
| ANTICIPATED MARKET CAP C.GBP16 MILLION |
| |
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| PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: |
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| EXPECTED TO BE C.59.4% |
| |
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| DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM COMPANY |
| HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS AIM |
| SECURITIES) ADMITTED OR TRADED: |
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| THE COMPANY HAS NOT APPLIED OR AGREED TO HAVE ITS SECURITIES ADMITTED TO |
| OR TRADED ON ANY OTHER EXCHANGE OR TRADING PLATFORM |
| |
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| FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining |
| the first name by which each is known or including any other name by which |
| each is known): |
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| ANTHONY BUSHELL - NON EXECUTIVE CHAIRMAN |
| PETER BURROWS - NON EXECUTVE DIRECTOR |
| BRUCE HERVEY - NON EXECUTVE DIRECTOR |
| WARREN MCLELAND - NON EXECUTVE DIRECTOR |
| |
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| FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A |
| PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION |
| (underlining the first name by which each is known or including any other |
| name by which each is known): |
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| BEFORE AND AFTER ADMISSION: |
| NATIONAL LIFE & PENSIONS (L) LIMITED - 52.2% |
| APOLLO FUND PLC - 7.4% |
| PETER BURROWS - 7.2% |
| LAZARD ASSET MANAGEMENT - 6.8% |
| CUSTODY EQUITY MANAGEMENT LTD - 4.3% |
| |
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| NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, |
| PARAGRAPH (H) OF THE AIM RULES: |
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| NONE |
| |
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| * ANTICIPATED ACCOUNTING REFERENCE DATE * |
| DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS |
| BEEN PREPARED (this may be represented by unaudited interim financial |
| information)* |
| DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM |
| RULES 18 AND 19: |
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| (i) 31 MAY |
| (ii) N/A - NO ADMISSION DOCUMENT. LATEST FINANCIAL INFORMATION IN THE |
| PUBLIC DOMAIN IS AS AT LAST YEAR END BEING 31 MAY 2009 |
| (iii) 28 FEBRUARY 2010, 30 NOVEMBER 2010, 28 FEBRUARY 2011 |
| |
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| EXPECTED ADMISSION DATE: |
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| 24 NOVEMBER 2009 |
| |
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| NAME AND ADDRESS OF NOMINATED ADVISER: |
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| ARBUTHNOT SECURITIES LIMITED |
| 20 ROPEMAKER STREET, LONDON EC2Y 9AR |
| |
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| NAME AND ADDRESS OF BROKER: |
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| ARBUTHNOT SECURITIES LIMITED |
| 20 ROPEMAKER STREET, LONDON EC2Y 9AR |
| |
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| OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR |
| INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A |
| STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE |
| ADMISSION OF ITS SECURITIES: |
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| N/A - QUOTED APPLICANT |
| |
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| DATE OF NOTIFICATION: |
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| 26 OCTOBER 2009 |
| |
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| NEW/ UPDATE: |
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| NEW |
| |
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| QUOTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING: |
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| |
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| THE NAME OF THE AIM DESIGNATED MARKET UPON WHICH THE APPLICANT'S |
| SECURITIES HAVE BEEN TRADED: |
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| MAIN MARKET OF THE LONDON STOCK EXCHANGE |
| |
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| THE DATE FROM WHICH THE APPLICANT'S SECURITIES HAVE BEEN SO TRADED: |
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| 13 AUGUST 1987 |
| |
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| CONFIRMATION THAT, FOLLOWING DUE AND CAREFUL ENQUIRY, THE APPLICANT HAS |
| ADHERED TO ANY LEGAL AND REGULATORY REQUIREMENTS INVOLVED IN HAVING ITS |
| SECURITIES TRADED UPON SUCH A MARKET OR DETAILS OF WHERE THERE HAS BEEN |
| ANY BREACH: |
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| CONFIRMED RE THE MAIN MARKET OF THE LONDON STOCK EXCHANGE |
| |
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| AN ADDRESS OR WEB-SITE ADDRESS WHERE ANY DOCUMENTS OR ANNOUNCEMENTS WHICH |
| THE APPLICANT HAS MADE PUBLIC OVER THE LAST TWO YEARS (IN CONSEQUENCE OF |
| HAVING ITS SECURITIES SO TRADED) ARE AVAILABLE: |
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| WWW.ECLECTICINVEST.COM |
| |
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| DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING ADMISSION INCLUDING, IN THE |
| CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING STRATEGY: |
+----------------------------------------------------------------------------+
| THE COMPANY IS AN INVESTING COMPANY AND ITS INVESTING POLICY IS SET OUT |
| BELOW: |
| The Company looks to identify and invest in investments where the |
| underlying value is not reflected in the market price. This perceived |
| undervaluation may arise from any number of factors including |
| technological, market motivation, prospective financial engineering |
| opportunities, competition or shareholder apathy. |
| The Company aims to maximise value for shareholders by holding a |
| relatively concentrated portfolio of securities and by investing in |
| instruments appropriate to respective investments. |
| The portfolio is focused on absolute performance. |
| The Company's investing policy is flexible and permits the investment |
| manager to make investments worldwide across all sectors and in a variety |
| of financial instruments. Thus the Company may invest in shares, bonds, |
| convertibles and other types of securities where suitable opportunities |
| arise. It may also invest in unlisted securities where the attractiveness |
| of the investment justifies the risks and lower liquidity associated with |
| such investments, subject to unlisted securities not exceeding in |
| aggregate 30 per cent. of the Company's gross assets. |
| The investing policy is not compelled to focus on any country, sector or |
| industry. The investment manager seeks to maintain and enhance |
| diversification within the portfolio by investing in a range of sectors, |
| markets and instruments as attractive opportunities arise. The allocation |
| of assets between sectors, markets and instruments will depend on market |
| conditions and the judgement of the investment manager and the board of |
| directors as to what is in the best interests of the Company and |
| shareholders and so the proportions of the portfolio invested in |
| individual situations, sectors or markets will be flexible. As such, not |
| more than 30 per cent. of the Company's gross assets shall be invested in |
| the securities of any one company or group at the time the investment is |
| made, however, this restriction will not apply in relation to the holding |
| of shares in Trust Company Limited. |
| The Company may use bank debt, derivative instruments such as contracts |
| for difference, financial futures, options and warrants to enhance its |
| investment performance. It may, from time to time, seek actively to |
| protect the portfolio and balance sheet from major corrections by the use |
| of foreign currency hedges, interest rate hedges, stock market put options |
| and similar instruments. Furthermore, the Company looks to invest in |
| instruments that provide additional protection such as convertible notes. |
| The Company has the ability to use bank debt to provide long term |
| structural gearing which will be restricted to 100 per cent. of its net |
| assets, however the Board may adopt a lower limit in line with the |
| prevailing level of market risk and the risk associated with each |
| investment on a case by case basis. |
| |
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| A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL OR TRADING POSITION |
| OF THE APPLICANT, WHICH HAS OCCURRED SINCE THE END OF THE LAST FINANCIAL |
| PERIOD FOR WHICH AUDITED STATEMENTS HAVE BEEN PUBLISHED: |
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| THERE HAS BEEN NO SIGNIFICANT CHANGE |
| |
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| A STATEMENT THAT THE DIRECTORS OF THE APPLICANT HAVE NO REASON TO BELIEVE |
| THAT THE WORKING CAPITAL AVAILABLE TO IT OR ITS GROUP WILL BE INSUFFICIENT |
| FOR AT LEAST TWELVE MONTHS FROM THE DATE OF ITS ADMISSION: |
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| THE DIRECTORS CONFIRM THAT THEY HAVE NO REASON TO BELIEVE THAT THE WORKING |
| CAPITAL AVAILABLE TO THE COMPANY OR TO ITS GROUP WILL BE INSUFFICIENT FOR |
| AT LEAST TWELVE MONTHS FROM THE DATE OF ITS ADMISSION |
| |
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| DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT TO RULE 7 OF THE AIM RULES: |
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| NO SUCH ARRANGEMENTS |
| |
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| A BRIEF DESCRIPTION OF THE ARRANGEMENTS FOR SETTLING THE APPLICANT'S |
| SECURITIES: |
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| ORDINARY SHARES MAY BE ISSUED IN CERTIFICATED OR UNCERTIFICATED FORM. |
| SHARES HELD IN UNCERTIFICATED FORM WILL BE SETTLED THROUGH CREST AND |
| SHARES HELD IN CERTIFICATED FORM WILL BE REPRESENTED BY A SHARE |
| CERTIFICATE. |
| |
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| A WEBSITE ADDRESS DETAILING THE RIGHTS ATTACHING TO THE APPLICANT'S |
| SECURITIES: |
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| WWW.ECLECTICINVEST.COM |
| |
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| INFORMATION EQUIVALENT TO THAT REQUIRED FOR AN ADMISSION DOCUMENT WHICH IS |
| NOT CURRENTLY PUBLIC: |
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| THIS INFORMATION HAS BEEN PUBLISHED ON THE COMPANY'S WEBSITE AT |
| WWW.ECLECTICINVEST.COM |
| |
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| A WEBSITE ADDRESS OF A PAGE CONTAINING THE APPLICANT'S LATEST ANNUAL |
| REPORT AND ACCOUNTS WHICH MUST HAVE A FINANCIAL YEAR END NOT MORE THEN |
| NINE MONTHS PRIOR TO ADMISSION AND INTERIM RESULTS WHERE APPLICABLE. THE |
| ACCOUNTS MUST BE PREPARED IN ACCORDANCE WITH ACCOUNTING STANDARDS |
| PERMISSIBLE UNDER AIM RULE 19: |
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| WWW.ECLECTICINVEST.COM |
| |
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| THE NUMBER OF EACH CLASS OF SECURITIES HELD IN TREASURY: |
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| NO SHARES HELD IN TREASURY |
| |
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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